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No takers for Kingfisher Airlines's brands in auction

A 17-bank consortium was hoping to recover money owed them from the company

Policy Pulse
Publish Date: Apr 30 2016 2:57PM | Updated Date: Apr 30 2016 2:57PM

No takers for Kingfisher Airlines's brands in auction

 There was no taker for brands and trademarks of Kingfisher Airlinesin an auction held by banks in Mumbai on Saturday.

 
A 17-bank consortium was hoping to recover money owed them from liquor baron Vijay Mallya's now-defunct  airlines.
 
In March, the consortium of banks had failed to sell the airline's erstwhile headquarter Kingfisher House.
 
Reserve price for the trademark was set at Rs 366.70 crore, which was not even one-tenth of price at which it was assured with as a security for the loan.
 
Apart from logo, 17 lenders led by SBI put on sale other trademarks of the airline like  Funliner, Flying Models, Flying Bird Device and Fly Kingfisher.
 
Kingfisher was collateralised to banks for a whopping Rs 4,000 crore in 2010.
 
Online auction of brand Kingfisher was conducted by SBI Cap Trustee Company.
 
Mallya left the country on March 2 for London. Few days back, government had asked Britain to deport him to the country.